Other Short Sale Servicers Could Take Some Tips from Bayview Financial – Massachusetts

Posted on 07. Jul, 2012 by shortsalemitigation in Blog

Other Short Sale Servicers Could Take Some Tips from Bayview Financial

Ok, I admit it.  I have had a change of heart.  For the last two years if you were to ask me which servicer was my favorite to negotiate a Massachusetts or New Hampshire Short Sale with, I would have said Select Portfolio Servicing, but SPS has definitely started to drop the ball.  I guess they’ve fallen to my #2 spot, so they are still a great servicer, but Bayview DEFNITELY needs a shout out.

Bayview does it right.

So what makes Bayview Financial different? For starters, you’re dealing directly with the Asset Manager.  I’ve dealt with some EXCELLENT Asset Managers at Bayview.  Most times, when you submit a short sale to a larger servicer, your file is assigned to a processor.  Once the processor passes all your paperwork, you are assigned to a negotiator.  The negotiator sends the file for approval which is THEN usually reviewed by the Asset Manager.  Then once your sale is approved your file moves to a closing agent.  There are too many hands in the pot.  God forbid any of the people involved may get re-assigned or move to another department, because now your sale will be held up.  With Bayview, I can call the asset manager dealing with my property and they actually ANSWER the phone.

I believe they likely own most of the loans they service.  That means THEY lose money if a home goes to foreclosure.  They aren’t a middleman for some other company.

One of my files was reassigned to a new Asset Manager.  The “old” Asset Manager called me personally to introduce me to the new person.  Now, this happens all the time at Bank of America, Chase, GMAC, where you finally get assigned a negotiator and get ½ way through a file only to have it assigned to a new negotiator and start back at square one.  The new Asset Manager in my short sale didn’t miss a beat and called to introduce himself to me.

The new Asset Manager was EXCELLENT.  He literally said, “I’m a deal maker, and not a deal breaker,” now, who actually says that?  Certainly not negotiators at the larger servicers.  As a short sale negotiator in Massachusetts for homeowners, we are constantly fighting and fighting for the approval.  This Asset Manager looked at all of the facts put forth in front of him.  He spoke directly to my list agent and got pertinent info on the property.  He needed someone who knew enough about the property that they could give him a well rounded overview.  Once he got the info, he submitted for a formula to see if we could get our sale approved.

When I call Bayview, I call the Asset Manager’s personal line directly.  Plus, you can email Bayview and I usually have a response that day or within 24 hours.  The Asset Manager emailed me to let me know he’d be on vacation, but he had put in a foreclosure postponement request for us.
They are not the normal servicer, but I can say I wish a bulk of my sales were with them.

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